Pressure on Bitcoin continues, and a strategic company suspends its purchase of the cryptocurrency.

The largest cryptocurrency by market capitalization fell 0.7% to $87,569.29

Bitcoin remained under pressure as the world’s largest cryptocurrency by market capitalization struggled to find support levels amid its decline, heading for its worst quarterly performance since the second quarter of 2022.

Bitcoin fell 0.7% to $87,569.29, while Ethereum dropped 0.6% to $2,967.88.

Meanwhile, Strategy& increased its cash reserves to $2.19 billion and paused Bitcoin purchases last week, signaling the digital asset treasury firm’s readiness for a “long crypto winter,” according to Bloomberg.

Strategy&alls concerns about continued decline
Strategy&all had purchased approximately $2 billion worth of Bitcoin in the previous two weeks, bringing its total holdings of the leading cryptocurrency to around $60 billion.

Earlier this month, Strategy& established a $1.4 billion reserve to fund future dividends and interest payments, aiming to mitigate concerns that it might have to sell its Bitcoin holdings if prices continue to decline.

Bitcoin has fallen by approximately 30% since reaching an all-time high above $126,000 in early October.

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